Maria DiCarlo's Blog
Large indoor malls are located smack dab in major residential areas. Philadelphia, Pennsylvania’s Franklin Mills Mall, named after one of America’s founders and Atlanta, Georgia’s Perimeter Mall are just two malls that are located in or within blocks of residential neighborhoods. Properties in these areas are generally good because companies that own malls conduct market research before they decide where to build.
What makes buying a home near a mall a good deal
Area demographics like the average education and income levels of residents are factored into the decision on whether or not build a shopping mall in a specific neighborhood. So too are crime rates, employment, school ratings and home ownership data, including the value and age of homes in the area.
It’s these factors that you and your realtor should research before you move, wherever you are deciding to buy a house, which leads to the first advantage of buying a house near a mall. If the mall was built within the last five years, the neighborhood may earn good scores on key demographic data points.
Mall owners generally don’t spend millions to build in depressed areas. These savvy real estate leaders know that top level retailers wouldn’t lease at their malls if their malls were in troubled neighborhoods. For older malls, it’s recommended that you conduct more thorough independent research, as the neighborhood may have changed significantly since the mall was constructed.
Ability to walk to dozens of stores within minutes, easy access to a movie theater and employment opportunities are more reasons to buy a house near a mall. If you’re looking to start a small business, you could rent a mobile mall booth and introduce your products to customers.
Buy a house near a mall and you’ll generally be closer to gas stations, restaurants and medical facilities. There’s a good chance that your house will be located in a suburb.
If you’re ready to explore what it’s like to live near a mall, shop around. You might be surprised at home price deals that you find near shopping malls.
Why you might not want to move near a mall
Approach the purchase thoughtfully. Don’t just focus on the rewards. Consider challenges too. For example, if you buy a house near an indoor mall, you’ll be in a high traffic area. Start of school and Christmas seasons could cause traffic to double. If you have young children, buying a house near a mall may not be a good fit.
Live near a mall and you can expect many people who don’t live in your neighborhood to visit, some daily or weekly. These people may know nothing about your neighborhood, and they might not care to learn more about the community. They simply want to visit the mall.
If mall visitors get lost as they try to find a particular store, they might use your driveway as a spot to turnaround in. You could also see an increase in litter that lands on your property. Depending on how late the mall is open, the sound of music, chatter and foot traffic could become regular occurrences near your home.
A house near an indoor mall may feel natural to you if you lived near a downtown or midtown area in a major city. If you haven’t lived in the heart of a city, talk with people who live in mall neighborhoods, particularly the neighborhood you’rethinking about moving to. Benefits that the move offers you might far outweigh challenges.